Oil prices jumped more than $3 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East.
Brent crude rose $3.34, or 3.95%, to $87.92 a barrel by 2320 GMT, while U.S. West Texas Intermediate crude was at $86.23 a barrel, up $3.44, or 4.16%.on Israel in decades, killing hundreds of Israelis and triggering a wave of retaliatory Israeli air strikes on Gaza that continued through Sunday.between Saudi Arabia and Israel, in which the kingdom would normalise ties with Israel in return for a defence deal between Washington and Riyadh.
"Increasing geopolitical risk in the Middle East should support oil prices... higher volatility can be expected" analysts from ANZ Bank said in a client note.Market attention has turned to the possibility of Iranian involvement in the attacks, which Israeli authorities have already alleged.
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